MacroGenics (NASDAQ:MGNX) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

MacroGenics (NASDAQ:MGNX) released its quarterly earnings data on Monday. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.20, reports. MacroGenics had a negative net margin of 59.46% and a negative return on equity of 98.30%. The company had revenue of $41.23 million during the quarter, compared to analyst estimates of $27.81 million.

MacroGenics Price Performance

MGNX traded up $0.54 during trading on Tuesday, hitting $2.90. The company had a trading volume of 1,011,313 shares, compared to its average volume of 824,034. MacroGenics has a 1-year low of $0.99 and a 1-year high of $2.88. The company has a market cap of $183.33 million, a PE ratio of -2.39 and a beta of 1.45. The business has a 50-day moving average of $1.80 and a 200-day moving average of $1.68.

Analyst Ratings Changes

MGNX has been the subject of several research reports. Citigroup restated a “market perform” rating on shares of MacroGenics in a report on Tuesday, February 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MacroGenics in a research note on Monday, December 22nd. Finally, Zacks Research lowered MacroGenics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $3.60.

Hedge Funds Weigh In On MacroGenics

A number of institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP acquired a new position in MacroGenics in the second quarter valued at about $28,000. Walleye Capital LLC acquired a new stake in MacroGenics in the 2nd quarter worth about $30,000. Cresset Asset Management LLC increased its position in MacroGenics by 52.3% in the 2nd quarter. Cresset Asset Management LLC now owns 26,720 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 9,172 shares during the period. Rangeley Capital LLC bought a new stake in shares of MacroGenics during the 2nd quarter valued at about $33,000. Finally, Sei Investments Co. bought a new stake in MacroGenics during the 2nd quarter valued at $38,000. 96.89% of the stock is currently owned by institutional investors.

About MacroGenics

MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody–based therapeutics for the treatment of cancer and autoimmune diseases. The company leverages proprietary Fc engineering technologies to enhance immune engagement and extend the activity of its antibodies. Since its founding in 2000, MacroGenics has advanced several product candidates through clinical trials, most notably margetuximab, a HER2-targeted antibody designed to improve outcomes in patients with HER2-positive breast cancer.

Central to MacroGenics’ research platform are its ADAPTIR and Trident bispecific antibody technologies.